TAX NEWS

If you buy or lease a car, light truck, or van for your business, special tax rules may limit what you can write off. If you buy the vehicle, dollar limits cap depreciation write-offs. If you lease the vehicle, deductible lease payments must be reduced by an inclusion amount. The IRS has announced the numbers [... […]

A taxpayer who fails to carry minimum essential health coverage through 2018 and is not exempt from this requirement owes a shared responsibility payment. It is treated as a tax owed on the person’s tax return. But if the taxpayer files for bankruptcy, what happens to this payment? That was the question before a bankruptcy [... […]

Amounts in 401(k) plans are designed for retirement savings. However, they can be tapped for an immediate and heavy financial need. There are certain situations that clearly fit this bill, such as facing foreclosure on a home or funeral costs. When it comes to education, a hardship distribution can be taken to pay tuition, related [... […]

The IRS has released its annual list of the top 12 tax scams that taxpayers should avoid (IR-2018-66). These tax scams are: Phishing: Taxpayers should be alert to potential fake emails or websites looking to steal personal information. Keep in mind that the IRS never initiates contact with taxpayers via email about a bill or tax [... […]